Core Insights - The launch of the iPhone Air has not met sales expectations, with production orders cut by half and sales reaching only one-third of Apple's highest projections [1][2] - The iPhone Air's design sacrifices core features for its ultra-thin profile, leading to a lack of competitive advantage in its pricing tier [2] - The iPhone 17 series, excluding the Air model, is performing well, with a forecasted total production capacity of 90 million units for the second half of the year [3] Group 1 - The iPhone Air is described as "the thinnest iPhone in Apple's history," but its sales have been disappointing, prompting a significant reduction in production orders [1] - The device's ultra-thin design (5.64 mm) comes at the cost of essential features, such as the removal of a second speaker and a single main camera, along with a reduced battery capacity that requires an additional detachable battery pack [2] - The pricing of $999 places the iPhone Air in an awkward position, only $100 cheaper than the iPhone 17 Pro, which offers superior features, leading to poor market reception [2] Group 2 - Analysts suggest that the iPhone Air is essentially a "trial device" for Apple's future foldable phones, aimed at gauging consumer acceptance of thinner devices [3] - The iPhone Air has been identified as the worst-performing model in the iPhone 17 series, particularly struggling in the Chinese market [2] - Apple has reportedly delayed the development of the next generation of the iPhone Air, with supply chain capacity expected to be reduced by over 80% [3]

小米(01810)同比增长35%，在重塑渠道关系并加大区域投资后表现回升。其中在迪拜伊本白图泰购物中心开设的首家旗舰店，也标志着其正进一步向直面 消费者模式转型。HONOR 则以128%的同比增幅领跑全地区，得益于产品组合扩展、更紧密的运营商与零售合作伙伴关系，以及其更完整的生态布局。 苹果在经历连续六个季度的波动后，也实现了14%的双位数增长，新款 iPhone 17系列的早期销售表现进一步巩固了其高端市场领导地位。 Pravinkumar表示："Omdia预计，中东智能手机市场的增长将在2026年放缓至温和的1%，低于2025年的13%。受元件成本上升和供应受限影响，2026 年上 半年将面临更大的阻力。这些挑战在低均价（ASP）市场中最为明显，因此，加强渠道互动，并在大众市场价位段推出更具针对性的激励措施，将是保持 增长势头的关键。与此同时，中高端市场预计将保持韧性，苹果(AAPL.US)和三星将继续通过更强的生态价值和品牌黏性推动换机需求。为维持市场热 度，渠道方需要进一步扩大分期付款、以旧换新和定向促销等方案；而能够在成本控制、产品组合优化和服务差异化之间取得平衡的厂商，将更有机会在 该地区逐步回升 ...

要点 Omdia 最新数据显示，2025年第三季度中东智能手机市场（不含土耳其）大幅反弹，同比上涨23%，出货 量达到1,510万部。增长主要来自大众市场需求的快速提升，消费者正从老旧或入门级设备升级到更强性能 的中端4G和经济型5G智能手机。各大厂商也借势发力，通过主打高性价比产品组合并加速在新兴市场的布 局来捕捉这一增长红利，其中经济型4G机型仍是推动高量级出货的核心力量。 中东各国市场表现不一。作为该地区最大的市场， 2025年第三季度， 沙特阿拉伯出现小幅2%下滑，主要因漫 长的暑期假期削弱零售活动，并推迟了消费者的换机周期。阿联酋同比增长13%，受益于 Sharaf DG、家乐 福、Emax 等主要零售商的大力度促销活动，以及"迪拜夏日惊喜"等季节性需求和多款重磅新品发布。伊拉克 和中东其他国家则延续强劲增长势头，分别实现41%和70%的增长。这主要得益于厂商活动力度加大、更强的 渠道激励、与分销商的协作提升，以及入门级市场稳定的替换需求。 Omdia 首席分析师 Manish Pravinkumar 表示："尽管该地区整体表现强劲，但由于厂商通过扩大入门级产品组 合来优先推动出货量，ASP（平均售 ...

阿里美团大战外卖，抖音改造流量机制，同时进攻电商和本地生活市场。 文 丨 高洪浩 郑可书 编辑 丨 黄俊杰 今年，阿里巴巴、京东与美团的外卖大战已经耗去上千亿元，从奶茶打到快餐，再到 30 分钟送日杂 和线下到店消费。阿里在 8 月冲刺茶饮，外卖单量一度超过了美团。 抖音也有外卖与即时零售业务，规模在数百亿元的量级。今年也有团队调研了外卖市场，但没有卷入 外卖补贴战。与此同时，抖音同时在电商和到店消费市场蚕食三家的市场份额，默默成为混战赢家。 据《晚点 LatePost》了解，抖音电商今年前十个月的 GMV（完成支付的成交额）增速超 30%，全年 GMV 将迈过 4 万亿元关口，逼近拼多多水平。一年多以前，抖音电商的广告收入已超过阿里巴巴， 成为中国第一。 多位二级市场投资人分析，淘宝的支付 GMV 在 6 万亿元的体量。如果双方都保持目前的增速， 要不 了几年就会被赶上 。不过抖音电商的退货率远高于淘宝，如果看最终的结算 GMV，双方仍有较大差 距。 抖音生活服务业务在今年同样大幅增长，前十个月增速接近 60%，全年 GTV（主要为到店消费贡献 的成交额）预计将超 8000 亿元。据我们了解，美团 2024 ...

摘要： 站在千亿营收的新起点，小米的加速度才刚开始。 11月18日，小米集团发布今年第三季度业绩公告。该季度，小米实现营收1131亿元，同比增长22.3%，连续4个季度实 现收入破千亿；经调整净利润为113亿元，同比增幅高达80.9%，为历史新高。 核心业务均表现亮眼。手机和AIoT分部的季度收入为841亿元，手机的出货量连续9个季度同比增长，连续21个季度位 列全球前三，境外互联网收入创造历史新高；智能电动汽车及AI等创新业务分部收入290亿元，同比增幅超199%，是 增长最快的业务板块，其中智能电动汽车实现盈利，距离首辆汽车交付仅过去1年7个月。 今年前三个季度，小米总营收达到3404亿元，接近去年全年，经调整净利润为328亿元，已超去年。这也成为小米超 高研发投入的底气所在，今年前三个季度，小米累计研发投入达235亿元，已接近2024年全年，预计今年将投入超300 亿元。其中第三季度研发投入91亿元，同比增长52.1%，同样是历史新高。 小米正在经历自己的"Hammer Time"（意为"锤子时间"，在赛车运动中表示在关键时刻全力冲刺）。传统的核心业务 稳健增长，创新业务不仅贡献度提升，而且还快速实现了 ...

以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 10 月前两周，西欧智能手机销量同比下降 1%，反映出区域经济依旧低迷、消费者仍显信心不足 的情况。 根据 Counterpoint Research 的智能手机周度销量追踪 数据，西欧地区 10 月前两周（第 40、41 周）智能手机销量同比下降 1%。 副总监 Jan Stryjak 表示："苹果通常在 9 月下旬发布新款 iPhone，因此 10 月往往是西欧智能手机市场的季节性增长期。但从今年 10 月初的周度数据来看， 西欧地区的本月整体增速可能不及预期。整个地区的经济形势依然低迷，消费者信心仍未明显恢 复。" 数据来源：Counterpoint Research 欧洲周度追踪，2025年10月 注：周度数据采用周日至周六的报告周期。因此，"10月前两周"即2025年9月28日至10月11日，以及20 ...

21世纪经济报道新质生产力研究院综合报道 闻泰科技：对安世半导体的控制权仍受限 据新华社报道，北京时间11月19日，荷兰经济事务部发表声明，暂停针对安世半导体的行政令。19日晚 间，商务部新闻发言人就安世半导体相关问题答记者问，中方对荷方主动暂停行政令表示欢迎，认为这 是向妥善解决问题的正确方向迈出的第一步，但距离解决全球半导体产供链动荡和混乱的根源"撤销行 政令"还有差距。闻泰科技当晚公告称，虽然上述部长令（Order）被宣布暂停，但2025年10月7日（荷 兰时间）企业法庭裁决依旧处于生效状态，其效力并未受暂停的部长令任何影响，公司10月13 日公告 说明的企业法庭的所有紧急措施还在进行中，公司对安世的控制权仍然处于受限状态。也就是说，目前 闻泰科技对荷兰安世的合法权益尚未恢复。 Meta：开始通知澳大利亚青少年账户将关停 11月19日，据报道，Meta公司表示，为配合澳大利亚将实施的限制青少年使用社交媒体法令，其将于 12月10前阻止16岁以下澳大利亚用户访问Instagram、Facebook和Threads。Meta表示，公司已开始通过 应用内消息、电子邮件和短信通知其认定为13至15周岁的用户，其 ...

Group 1: Japan's Economic Outlook - Japan's 10-year government bond yield reached a 17-year high of 1.765%, driven by expectations of significant fiscal spending under Prime Minister Kishida [2] - The 40-year bond yield hit a historical peak of 3.695%, while the 20-year yield reached 2.815%, marking the highest levels since 1999 [2] - The anticipated fiscal expansion is expected to lead to increased government borrowing, contributing to the sell-off in Japanese bonds [2] Group 2: French Investment in China - Approximately 2,800 French companies have established operations in China, making France the largest European investor in the Chinese market [3] - China is the fourth-largest trading partner for France, with French investments in China accounting for one-third of the total [3] - The "France 2030" investment plan aims to inject €54 billion over five years to promote re-industrialization, benefiting foreign investors [3] Group 3: Xiaomi's Financial Performance - Xiaomi reported a total revenue of 113.1 billion yuan for Q3 2025, a year-on-year increase of 22.3%, with adjusted net profit rising 80.9% to 11.3 billion yuan [7] - The smart electric vehicle and AI segment achieved a record revenue of 29 billion yuan, growing 199.2% year-on-year, marking its first profitable quarter [7] - The smartphone and AIoT segments showed modest growth, with challenges anticipated in the automotive sector due to reduced subsidies and increased competition [7] Group 4: Pinduoduo's Revenue Growth - Pinduoduo's Q3 revenue reached 108.28 billion yuan, reflecting a 9% year-on-year growth, with net profit increasing 17% to 29.33 billion yuan [8] - The growth was primarily driven by online marketing services and transaction service revenues, although the pace of growth has slowed [8] - Increased R&D expenses, up 41% year-on-year to 4.33 billion yuan, are aimed at enhancing the company's competitive edge in AI and overseas markets [8][9] Group 5: Baidu's AI Business Performance - Baidu's total revenue for Q3 was 31.2 billion yuan, a 7% decline, while net profit fell 36% to 3.77 billion yuan [10] - The AI business saw over 50% growth, with AI cloud revenue up 33% and AI native marketing services skyrocketing 262% to 2.8 billion yuan [10] - Despite the decline in traditional advertising revenue, Baidu's AI initiatives are showing promise, although profitability remains a concern [10][11] Group 6: Nvidia and Microsoft's Investment in Anthropic - Nvidia and Microsoft announced a collaboration with Anthropic, involving investments of up to $100 billion and $50 billion, respectively [12] - Anthropic plans to purchase $30 billion worth of Azure cloud capacity, indicating strong demand for AI services [12] - The investment cycle raises concerns about potential financial losses if AI products do not generate sufficient returns, despite ongoing advancements in AI technology [13]

11月19日午后，果链含量44%的电子ETF（515260）随市回调，场内价格现跌0.79%，值得关注的是， 该ETF场内宽幅溢价，实时溢价率高达0.38%，显示买盘资金更为强势，或有资金逢跌抢筹！ 成份股方面，瑞芯微领涨超2%，沪电股份、领益智造、华勤技术、寒武纪、立讯精密逆市飘红。 消息面上，电子ETF标的指数重仓的果链和半导体方向，均有利好来袭： 1、果链方面，市场研究公司Counterpoint Research最新发布的监测数据显示，10月苹果在中国智能手机 市场交出亮眼成绩单。受iPhone 17系列热销拉动，当月苹果在华手机销量同比激增37%，市场份额一 举攀升至25%，这是自2022年以来苹果单月市场份额首次突破四分之一关口。 华鑫证券指出，中国市场基础款iPhone17成为主要增长动力，相较于上代产品销量几乎翻倍，凭借更强 芯片、更优显示、更大存储和升级前摄，以相同定价提供极高性价比，受到消费者追捧。随着iPhone17 系列销量超预期以及苹果将于2026-2027年推出更多新品，果链有望迎来新一轮的景气周期，中国大陆 相关供应链有望持续受益。 2、半导体方面，第二十二届中国国际半导体博览会 ...

Industry Insights - The domestic demand for cranes in the Chinese engineering machinery industry continues to recover, with sales of truck-mounted cranes and crawler cranes increasing by 42% and 54% year-on-year in October, respectively, driven by energy projects and wind power installations [2] - Exports of various types of engineering machinery also performed strongly in October, except for aerial work platforms and truck-mounted cranes, confirming the previous view that non-earthmoving machinery demand is recovering and will act as a catalyst for the industry [2] - The report maintains a "Buy" rating for companies such as Zoomlion (1157 HK / 000157 CH), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH), while adopting a cautious stance on Zhejiang Dingli (603338 CH) due to the continued weakness in aerial work platform sales, which fell by 39% year-on-year in October [2] Company Insights - Pinduoduo (PDD US) reported a 9.0% year-on-year revenue growth in Q3 2025, reaching 108.3 billion RMB, slightly above Bloomberg consensus expectations, primarily driven by a 7% increase in transaction service fees [6] - Baidu (BIDU US) reported a core revenue of 24.7 billion RMB in Q3 2025, a 7.0% year-on-year decline, but slightly above market expectations, with non-GAAP operating profit showing a 67% year-on-year decline [7] - Trip.com Group (TCOM US) achieved a total revenue of 18.4 billion RMB in Q3 2025, a 15.5% year-on-year increase, exceeding both internal and market expectations, driven by strong operational leverage [8] - BOSS Zhipin (BZ US) reported a 13% year-on-year revenue growth to 2.16 billion RMB in Q3 2025, with non-GAAP net profit increasing by 34% to 999.2 million RMB, benefiting from effective control of sales and R&D expenses [10] - Xiaomi Group (1810 HK) saw a 22% year-on-year revenue growth in Q3 2025, driven by the rapidly growing smart electric vehicle business and resilient internet segment, despite pressures from rising memory costs [11] - Luckin Coffee (LKNCY US) anticipates continued revenue growth in FY26, driven by store expansion and new product strategies, despite a cautious outlook on same-store sales growth due to high base effects [12][13] - Guosheng Tang (2273 HK) is entering a phase of overseas expansion with the acquisition of a 100% stake in a Singapore-based TCM clinic, aiming for significant revenue growth in the overseas market by 2026 [17][18]